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Taiwan share prices near seven-year high

Taiwan share prices near seven-year high

Taiwan share prices closed 0.90 percent higher yesterday, surging past the 8,000-point barrier for the first time since August 2000, with sentiment bolstered by Wall Street's overnight rally, dealers said.
They said the New York rally on signs of a resilient U.S. housing market and a pullback in oil prices had spurred robust buying which offset profit-taking ahead of upcoming holidays.
The weighted index closed up 71.70 points at 8,004.61, after moving in a range of 7,970.46 and 8,021.59 points, on turnover of NT$132.97 billion (US$4.02 billion).
Risers led decliners 597 to 530, with 184 stocks unchanged.
A total of 28 stocks closed limit-up and 14 limit-down.
The financial sector was up 1.54 percent and electronics up 0.94 percent.
The paper sector was up 2.26 percent, cement up 1.64 percent, textiles up 1.24 percent, plastics/petrochemicasls up 0.29 percent and construction up 0.21 percent.
The food sector was down 0.64 percent.
The New Taiwan dollar closed the morning at NT$33.120 against the U.S. dollar, compared with the previous close of NT$33.116.
"Market heavyweights in both the technology and financial sectors led today's solid advance," Mega International Investment Services assistant vice president Alex Huang said.
The fact that the benchmark index followed Wall Street's lead to pierce 8,000 points just ahead of a long holiday reflects investor confidence that the market is ready to advance further when trading resumes after the break, he said.
He quickly added, however, that he is not ruling out a correction to test support at the 8,000-point level in coming weeks, when companies begin reporting results for the first quarter to March, a seasonally weaker period especially for technology companies.


Updated : 2021-10-19 14:17 GMT+08:00